TABLE 5.
Determinants of Ownership of Bank Account, Race, and Ethnicity for FR and Spouse (S) – CRE Model
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| Mixed couple | −0.0335*** | −0.0303** | −0.0283** | −0.0286** | −0.0287** | −0.0298** | −0.0288** |
| (0.0123) | (0.0121) | (0.0120) | (0.0120) | (0.0120) | (0.0120) | (0.0120) | |
| Minority couple | −0.1333*** | −0.1195*** | −0.1085*** | −0.1074*** | −0.1063*** | −0.1010*** | −0.0985*** |
| (0.0064) | (0.0063) | (0.0065) | (0.0067) | (0.0067) | (0.0067) | (0.0068) | |
| Home owner, no mortgage | −0.0108 | −0.0117 | −0.0117 | −0.0118 | −0.0122 | −0.0117 | |
| (0.0102) | (0.0102) | (0.0102) | (0.0102) | (0.0102) | (0.0102) | ||
| Home owner, with mortgage | −0.0021 | −0.0028 | −0.0028 | −0.0030 | −0.0033 | −0.0029 | |
| (0.0102) | (0.0102) | (0.0102) | (0.0102) | (0.0102) | (0.0102) | ||
| Vehicle ownership | 0.0748*** | 0.0740*** | 0.0740*** | 0.0740*** | 0.0741*** | 0.0742*** | |
| (0.0095) | (0.0095) | (0.0095) | (0.0095) | (0.0095) | (0.0095) | ||
| Debt ownership | 0.0349*** | 0.0352*** | 0.0352*** | 0.0351*** | 0.0351*** | 0.0351*** | |
| (0.0042) | (0.0042) | (0.0042) | (0.0042) | (0.0042) | (0.0042) | ||
| Overall health index | 0.0068* | 0.0068* | 0.0069* | 0.0069* | 0.0069* | ||
| (0.0035) | (0.0035) | (0.0035) | (0.0035) | (0.0035) | |||
| Cognition, quartile 2 | 0.0184*** | 0.0184*** | 0.0184*** | 0.0183*** | 0.0183*** | ||
| (0.0059) | (0.0059) | (0.0059) | (0.0059) | (0.0059) | |||
| Cognition, quartile 3 | 0.0228*** | 0.0228*** | 0.0228*** | 0.0228*** | 0.0229*** | ||
| (0.0064) | (0.0064) | (0.0064) | (0.0064) | (0.0064) | |||
| Cognition, quartile 4 | 0.0245*** | 0.0245*** | 0.0245*** | 0.0246*** | 0.0246*** | ||
| (0.0073) | (0.0073) | (0.0073) | (0.0073) | (0.0073) | |||
| Foreign born, Mexico | −0.1542*** | −0.1530*** | −0.0586 | −0.0584 | |||
| (0.0356) | (0.0356) | (0.0373) | (0.0373) | ||||
| Foreign born, SA, CA, Cuba | −0.0059 | −0.0047 | 0.0855** | 0.0837** | |||
| (0.0353) | (0.0353) | (0.0369) | (0.0369) | ||||
| Foreign born, Caribbean | 0.0048 | 0.0065 | 0.0394 | 0.0393 | |||
| (0.0411) | (0.0411) | (0.0412) | (0.0412) | ||||
| Foreign born, other | −0.0506* | −0.0483* | −0.0468* | −0.0471* | |||
| (0.0283) | (0.0283) | (0.0282) | (0.0282) | ||||
| No citizenship | −0.0431 | −0.0409 | −0.0401 | −0.0399 | |||
| (0.0302) | (0.0302) | (0.0302) | (0.0302) | ||||
| SSN, refuse to provide | −0.0052 | −0.0053 | −0.0053 | ||||
| (0.0073) | (0.0073) | (0.0073) | |||||
| SSN, provided | −0.0009 | −0.0009 | −0.0009 | ||||
| (0.0060) | (0.0060) | (0.0060) | |||||
| Spanish survey | −0.1409*** | −0.1409*** | |||||
| (0.0168) | (0.0168) | ||||||
| NSES index | 0.0042 | ||||||
| (0.0026) | |||||||
| Ln(Finc. inst. Weig.) | 0.0013 | ||||||
| (0.0010) | |||||||
| R2, overall | .189 | .202 | .205 | .207 | .207 | .208 | .209 |
Notes: No. of obs.=37,454, No. of ind.=9,850. Coefficients for mixed and minority couple indicators are reported (White couples are the reference group). Mixed couples are defined as those where one member is black or Hispanic and the other person is White; minority couples are defined as those where both members are either black or Hispanic; and White couples are defined as those where both members are White. CA is Central America and SA is South America. Estimated coefficients for male, education, age, age squared, couple, household size, wealth and income tertiles, employment, receive social security benefits and pension income, mean of all time variant variables (except NSES index and financial institutions), year and state dummies and constant are omitted in the interest of space.
Significance p<.1.
Significance p<.05.
Significance p<.01.